Enphase Energy (ENPH) Prices 13M Stock Offering at $1.20/Share

September 23, 2016 9:16 AM EDT

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Enphase Energy Inc. (Nasdaq: ENPH), announced the pricing of the previously announced underwritten public offering of 13,000,000 shares of its common stock, offered at a price to the public of $1.20 per share. Certain directors, officers, and employees of Enphase are expected to purchase approximately $1.2 million of common stock in this offering. Enphase expects the gross proceeds from this offering to be approximately $15,600,000, before deducting the underwriting discount and other estimated offering expenses payable by Enphase. Enphase has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 1,950,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about September 28, 2016, subject to customary closing conditions. Enphase anticipates using the net proceeds from the proposed offering for general corporate purposes, including working capital.

Oppenheimer & Co. Inc. is acting as sole underwriter for the offering.

The shares described above will be issued pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on February 12, 2016. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.

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